Rehmann Capital Advisory Group trimmed its stake in shares of Palo Alto Networks Inc (NYSE:PANW) by 22.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 535 shares of the network technology company’s stock after selling 156 shares during the period. Rehmann Capital Advisory Group’s holdings in Palo Alto Networks were worth $109,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Tower Research Capital LLC TRC bought a new stake in shares of Palo Alto Networks during the second quarter worth approximately $30,000. CSat Investment Advisory L.P. bought a new stake in shares of Palo Alto Networks during the second quarter worth approximately $33,000. Commonwealth Bank of Australia raised its stake in shares of Palo Alto Networks by 35.3% during the second quarter. Commonwealth Bank of Australia now owns 253 shares of the network technology company’s stock worth $49,000 after buying an additional 66 shares during the last quarter. Cypress Capital Management LLC WY bought a new stake in shares of Palo Alto Networks during the second quarter worth approximately $51,000. Finally, Kings Point Capital Management raised its stake in shares of Palo Alto Networks by 64.9% during the second quarter. Kings Point Capital Management now owns 254 shares of the network technology company’s stock worth $52,000 after buying an additional 100 shares during the last quarter. Institutional investors own 78.53% of the company’s stock.
Several equities research analysts have commented on the stock. Maxim Group upped their target price on shares of Palo Alto Networks from $304.00 to $316.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Morgan Stanley set a $290.00 target price on shares of Palo Alto Networks and gave the company a “buy” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. upped their target price on shares of Palo Alto Networks from $270.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. KeyCorp lowered their target price on shares of Palo Alto Networks from $280.00 to $250.00 and set an “overweight” rating for the company in a research note on Thursday, September 5th. Finally, Bank of America lowered their target price on shares of Palo Alto Networks from $307.00 to $275.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Palo Alto Networks presently has a consensus rating of “Buy” and an average price target of $260.74.
Palo Alto Networks (NYSE:PANW) last announced its earnings results on Wednesday, September 4th. The network technology company reported $0.19 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.08). Palo Alto Networks had a positive return on equity of 4.82% and a negative net margin of 2.82%. The business had revenue of $805.80 million for the quarter, compared to analyst estimates of $803.56 million. During the same quarter in the previous year, the company posted $1.28 EPS. The business’s revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities research analysts anticipate that Palo Alto Networks Inc will post -0.05 EPS for the current year.
In related news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $205.66, for a total transaction of $2,467,920.00. Following the completion of the transaction, the executive vice president now owns 907,131 shares in the company, valued at $186,560,561.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark D. Mclaughlin sold 40,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $207.78, for a total transaction of $8,311,200.00. Following the transaction, the director now owns 240,236 shares of the company’s stock, valued at approximately $49,916,236.08. The disclosure for this sale can be found here. Insiders have sold 131,220 shares of company stock valued at $28,469,996 in the last 90 days. 3.10% of the stock is currently owned by corporate insiders.
Palo Alto Networks Company Profile
Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
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